Ravens' salary-cap update: $5.299 million available

Pictures of the Ravens game against the Cincinnati Bengals in Week 17.

Aaron WilsonThe Baltimore Sun

The Ravens will be $5.299 million under the NFL salary cap limit of $123 million once rookie first-round safety Matt Elam signs his $6.767 million contract, which includes a $3.301 million signing bonus.

The Elam deal, which has been agreed to in principle and is scheduled to be signed Sunday when rookies, quarterbacks and injured veterans report for training camp, carries a first-year salary-cap figure of $1.23 million.

Under the Rule of 51 governing NFL accounting systems during the offseason, just the top 51 salaries on the roster count against the salary cap until the 53-man regular-season roster is established.

The Ravens gained $3 million in salary cap space when they terminated Pro Bowl fullback Vonta Leach's contract in June after failed attempts to reduce his $4.33 million salary cap figure.